Debt collection is an area of particular concern in the business world. In view of the constraints in the court system, we have set the Debt Collection Unit.
It is made up of debt collectors and investigators whose primary role is to pursue debtors âaggressivelyâ. From our experience a sizeable number of debtors respond and pay if sufficiently pressured.
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Our experience reveals that a large percentage of debtors are not âhard coreâ defaulters but people who will pay if goaded sufficiently. Most people know that the internal processes in corporations are lax in regard to debt recovery. The unit emphasis is on persistent follow up. From experience 40-60% of debtors will yield to sustained pressure for no other reason than to get rid of âthe Nuisanceâ. Our role is to fashion an approach that collects the money without unduly antagonizing a client's customers. In the present depressed times debtors are more hardened and firmness is necessary if one wishes to improve cash flow.
While pursuing the debtors, the investigators collect information on the debtors physical whereabouts, financial standing and asset base. Information that is useful in determining whether a suit should be filed. Thus a client avoids losing good money in pursuit of "bad" money.
There is a growing trend amongst debtors of registering assets in different names to defeat creditors. Speed is therefore of essence in recovery.